Chief Analyst at Danske Bank Christin Tuxen sees an opportunity to short the cross in case it tests the 4.30 area.
“Another currency that is hit by the fragile global risk sentiment is the Polish zloty”.
“Yesterday saw a series of very strong data releases (retail sales, industrial production and construction output), which, together with faster-than-expected wage growth, point to an economy growing above potential”.
“Although the PLN initially strengthened on the back of the strong numbers, the currency quickly lost momentum again”.
“The currency may trade on a soft patch today ahead of Sunday’s election in France but should the EUR/PLN move to 4.30, we see this as an attractive level to go short”.